VSE (VSEC) FY2023 results: revenue $544 million, down 18.7% on the year
VSE Corp. (VSEC) reported revenue of $544 million for fiscal 2023, the year ended 31 December 2023, down 18.7% on the year before. Net income was $39 million, up 39.5%, and diluted earnings per share $2.76. The figures are the company's own, from the 10-K it filed with the SEC on 8 March 2024.
Revenue
$544 million
-18.7% on the year
FY2016FY2023
Operating margin
9.2%
8.0% a year earlier
FY2016FY2023
Net income
$39 million
+39.5% on the year
FY2016FY2023
Diluted EPS
$2.76
+26.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
-21.8
8.1
-17.6
Capital expenditure
18.7
11.2
10.5
+66.5%
Free cash flow
-40.5
-3.2
-28.1
Free cash flow margin
-7.4%
-0.5%
-5.8%
Cash from investing
-236
-2.4
-61.6
Cash from financing
265
-5.7
79.4
Depreciation and amortisation
23.4
24.6
24.6
-4.8%
Share-based compensation
7.7
4.5
3.9
+73.3%
Dividends paid
5.4
5.1
4.4
+6.4%
Dividend per share
$0.40
$0.40
$0.37
0.0%
Diluted shares, weighted
14m
13m
13m
+10.6%
Shares outstanding at period end
16m
13m
13m
+22.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
617
450
417
+37.2%
Debt
429
286
285
+50.0%
Operating lease liabilities
25.0
19.2
27.2
+30.3%
Other liabilities
279
245
189
+14.1%
Total liabilities and equity
1,350
1,000
919
+35.1%
Fixed assets
58.1
40.5
42.5
+43.4%
Goodwill
289
217
217
+32.8%
Intangible assets
114
86.6
108
+31.9%
Cash and equivalents
7.8
0.3
0.5
+2,446.9%
Receivables
128
90.6
76.6
+41.2%
Other assets
754
565
473
+33.5%
Total assets
1,350
1,000
919
+35.1%
10-K for the year ended 31 December 2023, filed 8 March 2024: the filing.